Who is the country’s Finance Minister, asked the Congress on Monday, as it criticised the Centre’s decision to make Life Corporation of India the major shareholder of IDBI Bank.
“The Finance Ministry’s website says Arun Jaitley is the Finance Minister, while the Prime Minister Office’s website says Piyush Goyal is the Finance Minister and Mr. Jaitley is minister without portfolio. We want to know who should we believe? Who is the Finance Minister?” asked Congress media in-charge Randeep Surjewala.
Life Insurance Corporation of India has sought the government’s approval to buy a controlling stake in IDBI Bank Ltd. The LIC, which currently has 10.8% stake in IDBI Bank, wants to buy an additional 43% for about ₹10,500 crore.
“IDBI Bank is the worst performing public sector bank whose quarter four losses have swollen to ₹5,663 crore and gross NPA is now worth ₹55,588.26 crore.... The Modi government is now jeopardising the hard-earned money of 38 crore LIC policy holders by forcing it to purchase the rapidly-sinking bank. This is a classic case of selling the family silver of policy holders to hide the economic mayhem of failed Modinomics and Jaitleynomics,” Mr. Surjewala said.
